Survey: Scottish SMEs lagging UK average for overseas trading

Study commissioned by money transfer service TransferWise found 43% of the 56 Scottish firms it surveyed in a wider 656 firm UK-wide survey, are doing business internationally compared with a 60% UK average

Less than half of Scotland's smaller firms have done business internationally against a UK average of 60 per cent, a survey has found.

A study carried out for money transfer service TransferWise, taken from a YouGov survey of 656 firms, including 56 in Scotland, found 43 per cent of Scottish respondents have done business internationally.

This figures compares with the national average of 60 per cent and 76 per cent in London.

TransferWise said Western Europe is the main focus for Scottish SMEs looking to expand internationally and almost a fifth (19 per cent) of the 56 Scottish respondent “said they rely on some form of business with the region”.

TransferWise said of the 60 per cent of UK SMEs who have done some form of business overseas, 76 per cent said it “made them more profitable”.

Nilan Peiris of TransferWise said: “SMEs make-up 99 per cent of all UK businesses - they’re the engine of the UK economy.

“Going global can be a solution to many of the problems UK SMEs face, from finding a new customer ba